Historic Three-Unit
For Sale
$1,200,000
343-345 E Berger Street, Santa Fe, NM 87505
ResidentialIncome, Santa Fe, NM
Property Size3,934 SF
Lot Size0.32 Acres
Price / SF$305.03
Days on Market10
Property Features for 343-345 E Berger Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
Historic
Zoning description
South Capitol
Bedrooms
7
Full bathrooms
4
Rooms
Bathroom 1, Bedroom 7, Bedroom 5, Bedroom 3, Bedroom 2, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 4, Bedroom 6, Bedroom 1
Parking features
Garage
Interior features
InteriorSteps
Appliances
Dryer, ElectricCooktop, GasCooktop, Oven, Range, Refrigerator, WaterHeater, Washer
Elementary school
Wood Gormley
Middle school
Milagro
High school
Santa Fe
Directions
Historic Santa Fe Plaza to Old Santa Fe Trail to East Berger Street.
Standard status
Active
APN
012774272
Size
3,934 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Description
TR A PER PLAT-PORT OF LOT 14 BLK 109 & LOT 15,16 BUENA VISTA ADDN 343 E BERGER ST & 345 T17N R 9E S25
Legal Description
TR A PER PLAT-PORT OF LOT 14 BLK 109 & LOT 15,16 BUENA VISTA ADDN 343 E BERGER ST & 345 T17N R 9E S25
Utilities
Sewer type
Public Sewer
Heating system
Radiant, Natural Gas
Water source
Public
Amenities
courtyards
fireplace
portal
Building Details
Year built
1937
Floors in Building
2
Number of units
3
Building materials
Frame, Stucco
Roof type
Flat
Architectural style
Other
Listing Agency:
Corcoran Plaza Properties
(505) 982-4466
Listed By:
Efrain Aguirre-Prieto · License #18614
(505) 470-6909
Added: Sep 17
Last Checked: Sep 26 at 4:06PM
MLS# 202603970
Copyright © 2026 Santa Fe Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This historic triplex comprises approximately 3,934 square feet on a 0.32-acre parcel, with three separate residences and a 1937 construction date. The unit mix includes two two-bedroom, one-bath homes and one three-bedroom, two-bath residence. Interior details include hardwood and wood flooring, brick floors, built-in cabinetry, high ceilings, wood-beamed ceilings with corbels, fireplaces, kitchens, and a mudroom. Each residence has its own courtyard, while two single-car garages provide off-street parking.
The property is located in Santa Fe’s South Capitol neighborhood and carries Historic zoning. Public water and public sewer serve the compound. Its three-unit configuration supports residential occupancy, rental use, or multigenerational living, as described for the property.
The property is located in Santa Fe’s South Capitol neighborhood and carries Historic zoning. Public water and public sewer serve the compound. Its three-unit configuration supports residential occupancy, rental use, or multigenerational living, as described for the property.
Key Highlights
- Three‑unit property with two 2‑bedroom, 1‑bath residences and one 3‑bedroom, 2‑bath residence
- Approximately 3,934 square feet on 0.32 acres
- Built in 1937 with Historic zoning
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$58,383
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.87%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,167,660
$1.2M
Cap Rate 7%
$834,043
$834.0K
Cap Rate 9%
$648,700
$648.7K
Market Conditions
NOI Build-Up for 3,934 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$87.3K $22.20/SF
− Vacancy
−$3.9K −$1.00/SF
EGI
$83.4K $21.20/SF
− OpEx
−$25.0K −$6.36/SF
NOI
$58.4K $14.84/SF
Area
Santa Fe County, NM
Vacancy
4.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,167,660
Cap Rate 7%
$834,043
Cap Rate 9%
$648,700
Alternative Uses
Best Use
Multifamily LT 5
$834.0K
$729.8K – $973.1K
NOI $58,383 @ 7.0% cap · market cap 4.87%
Second Best
Apartment 5plus
$771.1K
$674.7K – $899.6K
NOI $53,976 @ 7.0% cap · market cap 4.50%
Theoretical Best
Office A
$1.07M
$934.7K – $1.25M
NOI $74,777 @ 7.0% cap · market cap 6.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,890
Businesses Nearby
Explore this area
Business Placement
Demographics for 87505, NM
32,078
Population
18,733
Households
1.7
Avg Household Size
52
Median Age
54%
College-Educated
94%
High-School Grad
65.1 sq mi
ZIP Area
493
Density / Sq Mi
$75,912
Median Household Income
$41,169
Median Earnings
$1,348
Median Rent
$484,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - Three distinct residences combine period character, private courtyards, and off-street garage parking.
Where is this triplex located?
The property is located at 343-345 E Berger Street Santa Fe, NM.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Three‑unit property with two 2‑bedroom, 1‑bath residences and one 3‑bedroom, 2‑bath residence; Approximately 3,934 square feet on 0.32 acres; Built in 1937 with Historic zoning
